India’s largest importer of liquefied natural gas, Petronet, signed a heads of agreement with Bangladesh Oil, Gas and Mineral Corporation (PetroBangla) for the construction of an LNG project in Bangladesh.
The agreement follows a memorandum of understanding the two companies have signed in December for the construction of a US$950 million LNG terminal at Kutubdia Island.
The agreement was signed during the visit of Bangladesh’s prime minister Sheikh Hasina to India.
Prime minister Hasina and his Indian counterpart Narendra Modi, said in a joint statement that the two governments worked to expedite the negotiations.
Under the initial agreement, the terminal would have a capacity to handle 7.5 million metric tons of the chilled fuel per year and should be completed within four years.
LNG World News Staff